Indenture of Trust (1996) - Laserfiche WebLink

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ARTICLE III ISSUANCE OF BONDS; APPLICATION OF PROCEEDS Section 3.01. Issuance of the Bonds. At any time after the execution of this Indenture,the Authority may execute and the Trustee shall authenticate and,upon the Written Request of the Authority, deliver Bonds in the aggregate principal amount of twenty-seven million seven hundred twenty-five thousand dollars ($27,725,000). Section 3.02. Application of Proceeds of Sale of Bonds. Upon the receipt of payment for the Bonds on the Closing Date, the Trustee shall apply the proceeds of sale thereof as follows: (a) The Trustee shall deposit in the Interest Account the amount of $139,951.05, constituting capitalized interest with respect to a portion of the debt service on the Bonds (and allocable to the City of Santa Ana only) through February 1, 1997. (b) The Trustee shall deposit the amount of$469,122.86 in the Costs of Issuance Fund. (c) The Trustee shall deposit the amount of $2,772,500.00 in the Reserve Account, constituting the full amount of the Reserve Requirement. (d) The Trustee shall deposit the amount of $24,062,048.99 in the Project Fund. Within the Project Fund, the Trustee shall account separately for such amounts as follows: Member Deposit to Project Account Brea $1,000,000.00 Buena Park 3,000,000.00 Fullerton 4,369,584.82 Garden Grove 2,977,931.33 Orange 3,254,189.00 Santa Ana 5,676,282.00 Seal Beach 1,102,456.84 Stanton 325,000.00 Tustin 2,356,605.00 Section 3.03. Establishment and Application of Costs of Issuance Fund. The Trustee shall establish, maintain and hold in trust a separate fund designated as the "Costs of Issuance Fund". The moneys in the Costs of Issuance Fund shall be used and withdrawn by the Trustee to pay the Costs of Issuance upon submission of Written Requisitions of the Authority stating the person to whom payment is to be made, the amount to be paid, the purpose for which the obligation was incurred and that such payment is a proper charge against said fund. On March 1, 1997, or upon the earlier Written Request of the Authority,all amounts remaining in the Costs of Issuance Fund shall be transferred by the Trustee to the Bond Fund. Section 3.04. Establishment and Application of Project Fund. The Trustee shall establish, maintain and hold in trust a separate fund designated as the "Project Fund." Within the Project Fund, the Trustee shall establish, maintain and hold in trust a separate account for each Member designated as the " Project Account," inserting in the blank the name of the Member for whom such account is created. Amounts on deposit in the Project Fund shall be used and withdrawn by the Trustee to pay the costs of the Project, upon the receipt from time to time of Written Requisitions of each Member seeking payment of costs of the Project allocable to such Member which are filed with the Trustee. Each such Written Requisition shall state the person to whom payment is to be made, the amount to be paid and the purpose for which the -17-